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Pension Assets Rise To N14.9tn
According to figures obtained from the National Pension Commission, the total assets under the Contributory Pension Scheme rose by N1.56 trillion in 2022. In its latest ‘Report on pension industry portfolio for the period ended 31 December 2022’, PenCom disclosed that the funds, which ended December 31, 2022, at N13.42tn, rose to N14.99tn by the…
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Pension Funds Investment Rise By 43.9%
The Pension Fund Administrators (PFAs) interest in corporate debt securities rose by 43.9 percent Year-on-Year (YoY) in August, 2022. The PFAs committed N1.380 trillion at the end of August 2022 as against N960.58 billion in the corresponding period in 2021. The breakdown shows that the N1.380 trillion invested in the corporate securities represented 9.59 percent…
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Withdrawals From Pension Savings Rise 17%
Cash withdrawals by workers from their pension contributions jumped by 17.5 percent to N6.65 billion in the second quarter of 2022, Q2 ’22. This is an increase from N5.66 billion recorded in the corresponding period of 2021. According to the report released by the National Pension Commission, PenCom, the number of sacked workers that withdrew…
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Contributory Pension Assets Rise To N14.36tn
Data obtained from the National Pension Commission has shown that assets under the Contributory Pension Scheme rose to N14.36 trillion in July 2022, from N14.27 trillion reported in the previous month. This was contained in the PenCom’s unaudited report for the period ended July 31, 2022. The data showed that N9.05tn of the total funds…
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Pension Assets Grow By 3.26%
According to the fourth quarter 2021 report of the National Pension Commission, the total value of Nigeria’s pension fund assets as at 31 December 2021 grew by 3.26 percent Quarter-on-Quarter to N13.42 trillion from N13.01 trillion recorded in September, 2021. PenCom said the growth was mainly due to pension contributions received and market valuation of…
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N2.55bn Unremitted Pensions Recovered In 2021
Data obtained from the National Pension Commission has shown that the commission recovered N2.55bn pensions deducted by employers from employees’ monthly emoluments in 2021 but not remitted to the Retirement Savings Accounts with their respective Pension Fund Administrators. In the latest PenCom’s latest quarterly report,the recovery included unremitted contributions and sanctions, as the commision disclosed…
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Contributory Pension Assets Hit N13.42tn
National Pension Commission Pension has revealed that assets under the Contributory Pension Scheme rose by N1.11tn in 2021. According to the latest figures obtained from PenCom, in its unaudited reports on pension funds industry portfolio, said the pension assets rose to N13.42tn on December 31, 2021 from N12.31tn at the end of 2020. The reports…
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Over 48,000 Switched PFAs In 2021
A total of 48, 543 contributors switched pension fund administrators (PFAs) in 2021, valued at about N171.7 billion. The National Pension Commission said, in a bulletin published by the commission, in November 2020, it launched the RSA Transfer System (RTS), also known as Transfer Window, to record a total of 48,543 accounts in 2021. The…
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Contributory Pension Assets Rise To N12.9tn
Data obtained from the National Pension Commission has shown that the assets under the Contributory Pension Scheme rose by N120bn in August 2021. PenCom, in its latest unaudited report on pension funds industry portfolio said the assets rose from N12.78tn at the end of July to N12.9tn in August. PenCom also revealed that the total…
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Insurance Sector Records 16.41% Growth In Q2
The National Bureau of Statistics has said the insurance sector grew by 16.41 percent in the second quarter of the 2021. According to the second quarter performance for the finance and insurance sector, the figures, the insurance sector which contracted by 2.08 percent in Q1, 2021; 12.05 per cent in Q4, 2020; 16.54 percent in…